Bank of Mozambique expects further economic decline in Q!, albeit at slower pace
INSS to set apart-hotel in 15-storey building for long-term sustainability
12:00 CAT | 13 Jul 2017
File photo / Ministry of Labour in Maputo
The National Social Security Institute (INSS) is since Wednesday, July 12, the owner of an apartment building with hotel services, acquired as part of its Investment Policy and Strategy (PEI).
The 15-storey building, which cost the INSS coffers more than 490 million meticais, consists of 47 apartments, a shop and a car park with a capacity for 18 cars.
The building’s acquisition, made as part of the INSS Investment Policy and Strategy, aims to ensure the generation of income and long-term sustainability of the social security system.
Chairman of the INSS board of directors, Francisco Mazoio, explained that the INSS will hand the management of the building over to a specialist entity so as at to recover the cost of its investment. A public tender to select the company will be opened.
“It is important that INSS invests so that it does not depend solely on worker and employer contributions. Money has to be invested to generate income and ensure the sustainability,” Mazoio says.
On the other hand, he adds, “it is necessary to protect workers’ contributions, so that in the future the benefits granted to beneficiaries and pensioners can be improved, quantitatively and qualitatively”.
At present, the INSS has holdings in companies in several sectors, with emphasis on food and beverages, construction and hydrocarbons. It is among the shareholders of 75 percent of listed companies on the Mozambique Stock Exchange and several financial institutions, in addition to owning a large real estate park,
Source: A Verdade
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